Bank Sohar, Oman Signs up Intellect GUB - Debt Management Solution From Polaris Software

CHENNAI, India, December 23 - Polaris Software, a leading Financial Technology Company,
today announced that Bank Sohar, Oman has signed up Intellect GUB 10.0* Debt
Management solution, a comprehensive debt receivables management product from
the Intellect suite. The solution will enable Bank Sohar, Oman's fast growing
Bank, to control receivables and minimize delinquent accounts.

Polaris' Intellect GUB Debt Management Solution, also known
as 'Intellect Collect' is a comprehensive debt collections system that
enables Banks to design strategies to collect outstandings from their
customers and effectively control the rising tide of delinquencies. The
product is parameterized and enables creation of focused campaigns that give
higher throughput in the collection process. The system has performance
monitoring statistics to aid in the analysis of applied strategies for
efficacy and re-calibration, as well as measuring collection agents'
performance.

Intellect Collect is a single platform that facilitates
customer based collections across multiple products, and has been implemented
in four leading banks in the Middle East region. This win strengthens its
market presence. Polaris will follow Accelerated Implementation Methodology
(AIM) to enable the business 'go live' in 8 weeks.

Commenting on the deal, Khalfan Rashid Amour Al Taley - DGM
Retail Banking, Bank Sohar said, "We are committed to create the finest
financial products to serve our customers through a one-stop financial super
mall. We were looking for a technology partner who could deliver us benefits
of the domain, the latest in technology and the experience of multiple
implementations in the markets we operate. We chose the route of leveraging a
fully built application that closely resembles our needs rather than the
traditional 'requirements gathering' approach. Polaris' Intellect Collect
solution met our requirements and its short implementation cycle and faster
ROI makes it a compelling choice."

"With the implementation of this system, Bank Sohar customers
will get regular advance notifications on the payments they have to make.
This will help customers to plan their financials and avoid any penalties
associated with delayed payments," added Mr. Rashid.

Speaking on the occasion, Bikash Mathur, CEO - EMEA, Polaris
Software Lab, said "We are excited that Bank Sohar, the fast growing bank in
Oman, has chosen Polaris' Intellect Collect. The system has seen a very high
level of acceptance in the Middle East market due to its strategic and ROI
value. With this win we further strengthen our presence in Oman and Middle
East market."

* Intellect Global Universal Banking (GUB) 10.0 is a unique
banking platform that can co-exist with legacy systems as well as support the
road-map for future modernization. Intellect GUB spans business processes
across Retail, Private and Corporate Banking, Capital Markets and Asset
Management. For the first time, such a comprehensive solution has been built
using SOA technology. The solution harnesses the power of SOA to modernize
bank's technology platform and enables bank to rapidly launch new products
for its emerging lines of business.

About Bank Sohar

Bank Sohar was incorporated as a commercial banking company
under the Banking Laws of Oman in March 2007. From inception, the Bank has
relied on technology to power and leverage its business. At the close of two
years, Bank Sohar is the 4th largest Bank in Oman in terms of loans and
advances. The Bank has a customer base of over 50000, a network of 14
branches and 21 off site ATMS.

About Polaris Software Lab

Polaris Software Lab (POLS.BO) is a leading Financial
Technology company, with its comprehensive portfolio of products, services
and consulting. Polaris has a talent strength of over 9,000 solution
architects, domain and technology experts. The company owns the largest set
of Intellectual Properties in the form of a comprehensive product suite,
Intellect Global Universal Banking (GUB) 10.0. IntellectTM is the first pure
play SOA based application suite for Retail, Corporate, Investment banking
and Insurance.

Polaris is headquartered in Chennai and has offices in all
global financial hubs including Tokyo, Sydney, Hong Kong, Singapore, India,
Dubai, Bahrain, Riyadh, London, Belfast, Zurich, Frankfurt, Toronto, New
York, Chicago, Fremont, Pittsburgh and Chile. For more information, please
visit www.polaris.co.in/

    For more information, please contact:

    Shailesh Dhawla
    Polaris Software Lab
    Tel: +91-99620-23124
    Email: shailesh.d@polaris.co.in

For more information, please contact: Shailesh Dhawla, Polaris Software Lab, Tel: +91-99620-23124, Email: shailesh.d at polaris.co.in